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tv   Varney Company  FOX Business  January 29, 2019 9:00am-12:00pm EST

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to continue following jim and the fbi. everybody wants to be norma desmond i'm ready for my closeup. there you go thank you great to see you megyn mcdowell see you again soon stuart begins with "varney & company." >> wait until you hear from chris christie he's got a book. good morning maria. and good morning everyone. look, it is all about profit. how much did you make? how much do you expect to make? that's what is move your 401(k) and there is one profit report that stappedz out above all others. a physical -- we don't have the numbers till market closes later on today but what we do have right now is an embarrassment for apple here's the story. there's a bug in the face time video chat system. i call you on facetime and i can eavesdrop on you even if you don't accept the call even while it is still ringing so much for privacy it doesn't look to be
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malicious just careless embarrassment. overall market is going open at the opening held today by strong reports from dow companies 3m doing very well couple of others okay as well. fisa verizon not good full details coming up but let me tell you now dow will go up 70 points down 200 today up a bit today. america getting tough on huawei that's china big tech company. administration says it is a serial violator of u.s. laws times is important. criminal charges laid on huawei just as china's trade negotiators arrive in d.c.. and america is getting tough on venezuela taking maduro oil money away with from him and photo of security bolton said 5,000 troops to columbia a cold war now but could turn hot very soon. apple china trade end game we have it all for you and wait
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until you see the left hysterical reaction to uh-uh howard shuttle and 2020 run. "varney & company" is about to begin. ♪ [inaudible conversations] go back to davos -- >> persistent heckler against howard shuls there. it is from the left, obviously. he doesn't like howard shuttle run for the presidency as an independent. now look at this. it has an op-ed from washington post came out this morning, quote, no time for howard shulgt
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foolishness that doesn't like it and this op-ed from "new york times," howard shuttle please don't run for president. a bid by ex-chief of starbucks would be, quote, reckless idiot city my goodness me. seems like far left -- because they're terrified that a shuttle independent candidacy would just split the left and put trump in the the -- >> howard shulgt said last june truck around the falsehood and they're not telling you the truth when they talk about splitting vote on the left what they're really talking about is revealing how extreme left the democrat party has become. you know, single payer get rid of all of your health insurance, guaranteed jobs, free college tuition, none of this is realistic, none of this is common sense. even china doesn't have a single payer system like they are -- you know thinking about. china pays out of pocket for deductibles so they also you know remember bernie sanders
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called a capitalist that's all of a sudden a four letter word in democrat party this reveals how off a the cliff and through looking glass on other side of the mirror the democrat party has become and so not about common sense. >> i can tell how you feel. don't let me hold back. dead right check futures here and open up in the the tuesday morning where are we going up, 60 points for the dow. 16 for the nasdaq. big dow names reporting profits today. 3 a.m. fisa verizon doing okay but fisa down and verizon down 3% apple as we told you are they report are after the bell, but there's another story on apple that bug on facetime app. okay, this is just an embarrassment totally right before earnings. because tim cook has hung apple hat on privacy you call and you swipe up and you -- facetime trying to facetime somebody and you add another caller, you are that caller, may not know that you could possibly
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be listening to them. and you may not know they're listening to you via face time group app, and also if -- you click your power button they could get video of you so you know, tim cook and apple they hung a 13-story billboard at the consumer electronics show on -- property in las vegas saying, you know, what you do in your iphone stays on your iphone. no it doesn't so you know, this is another thing that tim cook is going of to deal with on earnings conference call later today. >> might be in the when you don't take the call. >> or talking about that person who is trying to call -- >> i don't think it was malicious. but that is correct bring in market watcher rebecca, all right rebecca on this program yesterday, one of our key market watchers said he would buy apple now. before the earnings report, would you? >> well, i think it is a wait and see especially after the breaking news, i similarly had a problem with my iphones last week i tried to facetime
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somebody didn't go through but then it connected call literally i couldn't but it had to die before actual phone and never happened before i have a ten so now i don't think that we are -- buying i'm concerned about apple i'm concerned about china for apple for two reasons and this privacy saying that comes out on the tail end you know right before the earnings report comes out today is terrible timing for them so this is not good news but china is a big problem. >> sure is now let me talk to you about profits in general. so far in this profit reporting season, earnings were up 16% compared to last year. that sounds pretty strong to me. is that enough to propel the market ward and upward from here? j i think stew we have mix look at calico so question of to wait to see an we get this situation resolved. last time question talked about opening government we have to reprieve for a couple of weeks. we have got to get china resolved. i mean, apple's problem is twofold in china and both supply chain and weak sales.
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so we've got to get china resolved and i'm so proud of the administration and the doj going after huawei with critical talk this is week it is so important. >> so to you it's wait and see, you've got to get a china deal and then maybe we'll see a clear field for either investing or selling. you with -- that's right? >> i think so stu i don't to undercut with great labor numbers so that's always a wonderful i think they'll stay with positive for now so all of that is positive but china is such a big dragon -- [laughter] literally. china, china, china -- as our president would say. all right thanks so much indeed rebecca we appreciate it as always appreciate it. >> caterpillar that led market down yesterday, i don't know percentage that this was down but premarket is bounceback to the tune of one dollar about one percent. 125 on cap this among. how about nvidia down big yesterday an down some more this morning.
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down $3 another 2% on top of yesterday's loss. now, we've got news are from the real estate industry, housing market latest read on prices. up 4.7% weakest since 2015 year over year. this is a case phoenix, las vegas saw decent price increases las vegas 12% but the sales look at what's going on with existing homes and we may have hit limit on prices existing homes and median is 253600. so that could be it. i mean that's a smallest in six years that was a latest read on existing home sales. maybe that's it we only have less than a four-month supply people and affordability is an issue right now. for housing. >> thank you. let's go on to trade, china trade talk as, this week -- meanwhile, the government is taking a hardline on huawei, china's major technology company peter, could now look there's
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linkage here i don't care who says there is none but with huawei and china trade talks if huawei event the fly in the oingtment that could upset a trade deal? >> well certainly could upset it but with huawei illustrates problem we have with china huawei is a criminal enterprise, this isn't some guy in a mail room screwing up as they would say but pervasive for corporate culture and huawei is more independent than chinese companies. this is the the chinese private sector, and instrument that the state, dishonest, it is a -- so to think that we can negotiate with these people, and the presidency can deliver is silly. he can promise the world we're still going to get a few grains of sand on the beach in taiwan. >> not much out of china when it comeses to engtding technology theft and technology takeover. you don't think we're going to do anything? >> deal request president obama on states sponsored commercial
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espionage things tapered off and redirected their attention southward to neighboring nations but once he was gone it came back. my feeling is, with they'll do is make a deal hopefully that will resurrect the stock market in china, and in the united states -- and then as tensions subside they'll go back to their old ways to you i don't think the president can deliver. smg it's a cold war that's what you're saying china and america new cold war. >> this is the first round which going to happen is we're going to get duped on this deal. mnuchin will convince the president to take the chamber lapgd route and bigger flare-up down the road either in second term of the trump administration or the chinese have already foolish they think it is trump and they can bicycle him out that's what the offers on things like grain and soybeans are in reality is that democrats dislike him even more. my feeling is that the next administration is going to be very tough on china lessons
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radical left in administration like kamala harris or something like that. but if it is a joe biden they're in real are trouble. >> okay. hardline peter this morning. peter, thank you very much indeed. you're right. thank you -- check futures, we're going to be up not much maybe 30 point up for the dow industrials in other news, this is important. a team of israeli scientists say they will likely two a cure for cancer in the next year. wow nows that's a big deal doc siegel says it looks promising and he's going join this show in next hour. chris christie shocked the world when he dropped out of the presidential race and threw his support to president trump. it was a key moment in the campaign, here's the question -- does he still stand by the president? what's his assessment of the trump presidency? well we'll have chris christie live on the set after this. - hello, i'm brad castillo.
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to file suit against cliff simms he wrote a new book titled team of vipers about his time in the campaign at the white house. the campaign claims that simms violated his nondisclosure agreement. all right let's get to pure politics. contemporary are pure politics if that wasn't. our next guest shopping world when he dropped out of the race for the presidency, and threw his support to president trump. well candidate trump at the time. chris christie did that, former republican governor of new jersey author of the new booklet me finish and he's with us in this studio right now. governor what a pleasure great for you to be with us. now you shocked everybody. and you know you did. so -- fast forward to the present what's your assessment of president trump and his presidency how's he doing? >> i would give him a b so far, about i say tax a reform big triumph regulatory reform big relief for business, the courts new judges with a circuit court with two supreme court justices,
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and new trade deal with canada and mexico. i think all very good substantial achievements are helping the country. now, on the downside, as i say in the book, you know, there have been times where i think he's really made some very poor personal selection and those have hurt him. michael flynn is a national security advisor as one example. that was a train wreck you can see coming from a mile away. and i tried to warn the president of that and he just went, any way and guy was a disaster is, and it hurt the president sent him back, and really catapulted this whole russia investigation even more. >> what about his style? the presidential style, the tweet, the insults? what's your judgment on that? >> that's who he is, and what i think is most important in politics is to be authentic to be who you are, and it is not like stuart anybody is shocked about this. that's how he campaigned that's who he was during the campaign i will tell you tweet that bothered me are ones about the
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investigation. because what i've said to the president over and over again as former u.s. attorney is -- you know, there's no way you can make this investigation shorter. but there's lots of ways to make it longer. and by -- tweaking the prosecutors all a of the tile but giving them new fresh material to chase, you're making this longer than it needs to be. >> have you told him this? >> directly about two dozen times and he's -- completely wrong, and i say well plpght i not only investigated it lots of people but investigated myself once i know how this works but it is one of those things where he has a blind spot he is who he is so style is what we voted for and he is not going to change. and so -- we have to put up with the god and bad that comes with that. pfnlg now here's both. >> the talking in washington, they've got this 17 member panel trying to get some kind of deal to -- keep the government running three weekses from now. i see three possible outcomes. they get a deal the government stays running they get a deal.
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or -- there's a government shutdown. or the president declares a national emergency. which way do you think it will be? >> two possibilities deal or the president uses executive of authority. i don't believe they'll shutdown the government again. i think there was so much psychic damage that was done during this shutdown with air traffic controllers with the tsa workers i went through a lot of airports during that time as i'm sure you did, and tsa workers recognize and sent govan how can the president expect us to work for no pay? we can't the live. i can't pay my bills and so -- i don't think the president wants to go through that again. so i think he's either going to declare an emergency or come it a deal. >> but if he declares an emergency would he win political already or lose politically? >> depends whether he wins or loses in the court that's going directly are to the courts and i think it is a trump ball i think it could go either way so he's taking a big risk if he does it but feels that congress will leave him with no alternative i think that's what he'll to do. >> i want to talk about your
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book -- you know get there. let me just tell our audience what's going on on the markets and in about 11 minutes time when we open up. the dow is beginning to be up about 40 nasdaq is up about 12. more with governor christie in a moment did you know by the way he helped the president write his victory speech back in 2016 great story, an you will hear it after this.
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former governor of new jersey chris christie is still with us and he's got his book with him and he's titled let me finish. here it is. >> there it is, stuart. stuart: in the book i think you tell the story of the victory speech which you helped president trump write in 2016. >> what happened that evening was as it got to be very -- early the next morning, there was a participant that he was going to be the president of elect, steven miller. stuart: forgive me if i jump in moment in the presidential campaign in election night when winner knows he has become the next president and was there a moment with trump? >> yes. when they called pennsylvania -- we were sitting town stairses in a large group of people, and they called pennsylvania and vice president elect pence grabbed his arm, and the president elect turns to look at me says we should go upstairs we
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wept up to apartment with a smaller group of people, we got up to the apartment steven miller, who was president speech writer he said i need your help he said i have a craft ared confession speech but i have only bullet points not a victory speech we need to write a victory speech. so myself, steven miller, ivanka trump, jared kushner and vice president pence sat around trump dining room table put tailgate a draft for that speech or for the president. >> you were there standing right there pretty amazing night. >> people are right on. amazing night two quick stories now i want your comments 5,700 millionaires left new york city and new jersey last year. because of taxes. >> because of taxes listen, and for eight years, i held line of attack in new jersey, and what we did was increase the number of millionaires that we have in the state, and people who were growing, businesses and creating jobs over 340,000 new jobs. now, up to new murphy
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administration, raising taxes at every level corporate taxes personal taxes and people are are mobile. in the reports just kale out new jersey is the biggest departure state is in america. more people are net giving new jersey than coming than any other state in the country and it makes me sad as somebody who owns two homes in new jersey. i very choired stuart about that. stuart: quick comment on howard schultz. >> he was split to left, and we went by even bigger margin in 2020 with president trump. so if howard wants to run, i'm all in. i'll even write him a check if he wantses go howard get to race and ensure reelection for donald trump in 2020. >> i don't think he needs a check. [laughter] >> i'll do it anyway. stuart: name of the book is let me finish. you're going to autograph that copy for me -- >> you bet i will stuart. >> you're a good man. thanks for having me on. >> we've always liked each other no matter what people say about
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us. darn right. governor christie, thank you, sir. quickly market opens in about four minutes time we're going up not that much. 50 points maybe for the dow. 10 for the nasdaq back after this. metastatic breast cancer is relentless, but i'm relentless too. mbc doesn't take a day off, and neither will i. and i treat my mbc with everyday verzenio- the only one of its kind that can be taken every day. in fact, verzenio is a cdk4 & 6 inhibitor for postmenopausal women with hr+, her2- metastatic breast cancer, approved, with hormonal therapy, as an everyday treatment for a relentless disease. verzenio + an ai is proven to help women have significantly more time without disease progression,
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15 seconds let's find out what happens on wall street this tuesday morning. bad day yesterday, down 200 points. we're expecting not a big bounceback at the opening bell this morning. maybe a modest lift let's see 9:30 eastern time off running and away we go as you see down 200 yesterday we've opened toup side. not strongly by any means we're up a point at this point. two points, eight point i'll call that dead flat to ever so slightly higher. is it same story on s&p let's check it is a broader indicator, and yes exactly the same story, it is up .02%. a fractional gain. the nasdaq home of the technology companies same story, a fractional gain that's all we've got. now, big -- dow names these are company which are within dow 303m reported this morning they're up a buck. sorry 1% that's not much. half a percent that's not much. phee is a is down, verizon is
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down both of them reported today verizon is down nearly 3%. now, apple that's going to be the big earnings report of the day. it comes out after the close of trading this afternoon. in advance of the official numbers apple is dead flat at 156. it is a big day, mike murphy dr barton and a liz mcdonalds all here to help us cope i'll start with apple. mike, would you -- one guy couple of people on this program have said yes they would buy apple now before earnings take a flyer if a long-term great investment would you buy it now? >> i would, and i bought it stuart a little bit higher than this so for me i already own it to be clear but if there's someone sit at home say a host of the most watched business cable program in the country, if they didn't own apple, i would -- >> refer to -- i would say, right now is a great time to buy apple because they have so much cash if there's a miss and hit on the stock that company is going to be buying back a lot of shares so that puts a floor in the
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price of the stock. j understood. now dr they've got some bad pr this is apple l. bad pr you can eavesdrop on their -- facetime. facetime so you can eavesdrop on people. that wouldn't affect stock will it? >> not a big stock although you see a little tiny tweak on the stock. but this reason, apple has come out and tim cook in particular and in person talking about apple being the great sebastian of protecting personal data they have huge billboards that they paid for at ces consumer electronics show in las vegas saying what happens on iphones stays on iphone, and they're not minding their own business. on this issue -- and i think it is a big deal because it is okay to play lip service to something it is not okay to do it and then let these kinds of things trickle through. >> not going to affect the stock, though. >> not in a big way i'm still in
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the stock stuart. >> you're staying in it. let's talk about facebook, several organizations developed tools so people could see exactly how advertisers are target aing you on facebook. facebook blocked those tools -- i say that's another negative for facebook, a publicity pr negative -- but you're out of it now aren't you? >> remember stuart i came on this program a few years ago said it would be first trillion dollar company so i was wrong there. i sold the stock around kavanaugh hearings because i didn't like the way zuckerberg and sangdburg ran the company. i didn't like the way they were silencing the employees inside, and i think a lot has come out about that. i think for facebook to resume its march upward, they need new leadership. >> what's the better long-term investments, facebook or apple? >> two or three -- >> apple, apple period. two or three years i think in two or three years i'll take other side of that as i rarely to. i think facebook because they're
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gross numbers are still potentially much bigger especially in some of their -- in some of their apps like instagram where they're not -- we shall list -- >> write this down. write it down. what's the date today? it's jab the 29th. apple he says facebook. got it. profit season, in full swing, the results so far, profits were up 16% comparedded to last year. surely that's enough to make wall street happy isn't it? >> it is what's keeping us where we are -- up above this -- some of these key levels with all of the other negative stuff swirling around stuart, and i think it is a stronger earnings season overall than almost everyone expected. and i think that's what's really helping. >> and dow is at 24,500. that's not a bad level to be at with profits like this. >> it's not but remember it is still down 10% or more from recent highs so a 10% discount with profits which fuels market up 16%.
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>> so lizzy is accounting -- so what do you make of a 16% jump in profits? good to me -- >> i think it is really sweet what i'm watching what they're saying about profit margins so i want to know about cost an labor cost, i want to know about china tariff and fed interest rates listening for that on the conference call. >> i am, i'm trying. now we're up 50 points for the dow jones stroll average let's see where we're at about about five minutes into the session is 45 points higher. what about whirlpool theyive ga a not so rosy forecast and it is down 5 a%. how about harley-davidson the not such a rosy forecast and it is down taking to cleaners down 5%. lockheed martin fell short of what analyst are expecting down it goes nearly 2%. orders down at a home is it down, yes it's down 6%. xerox, it was forgotten about that company. they did make money and because of that they're up. 6% -- caterpillar, routed yesterday
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where is it today? coming back to the tune of a buck 50 -- at 125 a share not much of a comeback how about nvidia huge loss yesterday, this morning, down some more. goldman sachs warned about some technology companies, including inn vid why and warning with was china is the problem. >> they get more than half their sales from china. so goldman is now saying avoid these stocks as well. because these stocks get more than half of their sales from china. they're looking at saying stay away from wind resorts, broad come micron and solutions, and you know, intel and boeing have a lot of sales out of greater china. but these first 7 i mentioned are ones that are on the -- >> all down people take note of goldman sachs in china warning i didn't realize big -- >> weakness in china is an issue. >> let's talk china trade high level talks this week. meanwhile our government is throwing the book at huawei china's enormous technology
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company. what happens to our stock market if the huawei proceedings are a fly in the ointment of the trade talks and trade talks don't do very well what happens to market? >> we go much lower retest recent lows that would be a big negative so i think it is interesting stuart so question get the huawei news, about how we want to bring the cfo over to the u.s. didn't really hit the market so bad. it's not -- so i think a lot of people are expecting a lot of give and take on this but ultimately a trade deal if that falls apart it is a big negative. >> it is right because storyline we're hearing it is priced into profits so what's narrative to push this market higher it would be settling trade deal -- >> there's enormous pressure then on the two sides to get some kind of a deal because both sides know that if you don't get a deal, our market goes down our economy suffers, and there's really suffers. >> single biggest headwind out
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there. look at all of the name we just saw how much technology is being built in china if china's growth goes down it impacts the whole globe including those u.s. companies. >> i think that president who watches your program if he's watching, you know, he's owned the stock market on the the way up, and i think he realizes the game of high stakes poke per you had will that he's playing right now so hopefully we get a deal. >> is mike murphy mega investor trying to speak indirectly to president of the united states through this program? >> we make a point. you did. not bad son. look the at snap why don't you it is reportedly thinking about making changes like permanent, public posts. in other words, they don't disappear. >> because that make it is like instagram. they want advertisers -- advertising money this stock is what down 60% since -- so advertisers will stay longer snap with ads so that's where they make money. >> here's big thing you cannot repost and send content outside
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of the snap echo system if everything disappears so you can't get ad revenue by something wind up in twitter and wind up on instaand news feed so they're trying to pieptiond ways to make this this -- more ad revenue by letting people put stuff elsewhere outside of -- >> i think banner tells story ?a no more vanishing that tells me exactly what's going on here. pfnlg but now this is long overdue because facebook went after snap directly they tried to make exact tool snapchat had, snapchat takeses a page out of facebook and goes head-to-head with them. >> kamala harris wants to get rid of health insurers 150 million americans get their health insurance from private enterprise. she wants to get rid are of that all government care. >> by the way, this system is -- not seen anywhere else in the world. china did you want have a system like this. scandinavian countries don't have it like this. so single payer health care, brits do. no, not like well they have
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privatized health in there. you can pay for health care. they either talk about one payer, the government. you know, california reare jected it. right? they said this is going to bankrupt our state vermont rejected it and colorado said no so i don't know why they keep pushing on this. but health insurers they're not reacting to it. >> no. it's not a credible threat stuart. [laughter] there you go. but it is an issue with the insurers. right. most certainly it is. all right 9:40 eastern time you know what that means good-bye murphy good-bye dr great having you here. big board shows gain of 50 point for dow jones industrial average on this tuesday morning. bad news for the cruise industry the pollution from those big smokestacks -- they are big. [laughter] really affect as air quality on ships could as bad as beijing oa smoggy day didn't know that. the note pad this is what everybody is talking about --
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that's national security advisor john bolton note fad legal pad held on news conference yesterday written on it you can make it out 5,000 troops to columbia. i think it was a question mark in there i think it was. what's that all about? columbia is a -- neighbor of venezuela -- great story. we're on it after this.
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all right now we're up 60 point on the could dow industrials 13o trading session look at this please pacific gas and electric from bankruptcy protection an wildfires they're declared
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chapter 11 big day in britain. there's a brexit vote takes place this afternoon. ashley webster is over there for us come on in ashley because could i say there's now a fair shot that theresa may's plan gets accepted gets through? what do you say? >> absolutely not, stu. [laughter] that less brexit. here's the problem, i think you're seeing 180 from theresa may today basically admitted there's no way her plan in current form can get through parliament also asked e.u. leader to reopen agreement something she said last month wases impossible so here we go again we're going back on ourselves he finished speaking to house of commons, and she said, when i go back to brussels i need the strong pest public support behind me, if you want brexit you have to vote for brexit. now stew they're looking at number of amendment as to change the brexit plan one of those is called the if we can have a look at it cooper amendment from the
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labor party leader of that says it knows deal is week by february 26th postpone brexit and a prime minister not happy about that saying you delay without a plan that is a road to nowhere and then the brady agreement to he said let's replace irish backstop with alternative arrangements incredibly vague term and at nigh arrangement but that is the key pibal so bottom line stew they debate these amendments they'll vote tonight, and then theresa may is going to take whatever camp through parliament back to brussels and what e.u. said up to now we're not going to negotiate so to answer your question at the very beginning, we don't know where we are but we know that theresa may's plan a, plan bcde or f, none of it seems to be working at this point. >> there you go telling how it is ashley webster thank you very much sir. we will see you again later. i have to get to venezuela national security advisor john bolton seen holding yellow legal time insquired with 5,000 troops
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to columbia there was no question mark by the way. joining us now former state department senior advisor christian whiten. christian looks like all options are on the table. and it looks to me like john bolton deliberately flashed legal pad with the words written on it. that was deliberate wasn't it? >> i don't know. but it seems awfully ostentatious to do that and someone who, obviously, knows a lot about operational security, and would probably not write classified information flip flippantly and may be for public consumption yes. >> looks to me like it's a standoff now. my question is, what are the russians going to do to protect their investment in venezuela they've got 10 billion dollars invested there. they've got military people on the ground there. so it has been reported, they don't want to lose everything. so what do they do as disputed president maduro looks like is heading out? >> well they're going to
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complain a lot because they've lent and companies opposed to this transition actually made crooked deals with outgoing government. i don't think they're going to be able to do a lot there at the far end of logistical change and never bought venezuela is concern run by socialist thugs not because it's a stocking horse for iran or russia nonetheless relationship is concerning that may be something behind put hg 5,000 troops in columbia if that's real invaded panama 27,000 troops to invade in 1990 but a presence to be prepared for an emergency -- to come to the aid a of the u.s. embassy or u.s. citizens, and also to send a signal to russia opinion >> we've taken maduro's money off a him. i mean the money that he gets from america is now being plolled through a neutral account he's not going to get that money. the country is starve it is in absolute collapse i sense end game is very close and i hope it
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is not going to be bloody but what do you say? >> i think you're with absolutely right impossible to movements and you never know when it will go sometimes dictators are resilient what's imrensive is police in the military haven't swung over yet they are unwilling to violently suppress these uprisings, and you know the fact that maduro, the thug had had this sort of back down on his threat to expel u.s. and other diplomats sort of raise ares questions if he really does have full control of the police and military. >> i want the cia to get in there and ease him and his generals out like we did with marcos in philippines let's see if it happens that way. thanks very much indeed christian see you soon. now by the way, we have a big guest coming up on trish regan prime time very big guest indeed she's talking to opposition leader juan, you don't want to miss this one. big get for trish regan on our air 8 p.m. eastern tonight on the fox business network.
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good stuff. now, let's take another check of the stock market shall we? because it shall all of a sudden we're up over 100 point. back to 24,600 and vast majority had of the dow 30 are in the green. attorney general from 23 states calling on the supreme court to review a new jersey gun law. the attorneys general say that this law steps on the second amendment. we're talking to one of those attorneys general next.
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>> now, i should give you the reason why all of a sudden the dow has gone up over 100 points but i'm afraid i don't have that reason for you earnings have been pretty strong especially among some dow components and we're now up 112 point how about that? our next guest is one of a number of attorney general calling on the the supreme court to review the new jersey gun law case, that could greatly restrict people's right to carry firearms even if they've got a permit outside their homes. joining us now curtis hill he's attorney general a great state of indiana. sir, you and 22 other attorneys general want the supreme court to fix and review and get rid of
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this new jersey law. tell us please exactly what is the new jersey law say that you don't like? >> well stuart, that's great to see you and if you look at the constitution two words that you don't see. justifiable need in the second amendment. and the new jersey law does just that aside from the ordinary qualifications of background check hads, finger prints, types of things that we ordinarilied ad here to with regard to qualifications for carrying a firearm, they require a justifiable need and in this particular instance the applicant who was had a servicer of atm machines carried large amounts of cash on a regular basis in sometimeses dangerous neighborhoods applied for a ferment to carry a firearm. and despite the fact that he has qualified with background check with all of the other safety qualifying standards, a local police chief declined his applications indicating that he didn't have a justifiable need. that that case wasn't thrown out by the third circuit that
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federal court, and we're asking the supreme court to weigh in because that's just a violation of the constitutional right of the second amendment. >> but doesn't this go against widespread public opinion that wants fewer guns on the street whether you have a permit or not. i think there is public opinion and strong public opinion which says please -- no more guns on the street. you're flying in the face of that. >> well i don't know that i would agree that there's that much public sentiment no more guns on street we certainly don't to see violence but one of the reasons it is important to have the rights to carry a firearm, is the ability to protect one's self one's family and others, and we've seen a number of circumstances where -- those who are lawfully in possession of a firearm can indeed help themselveses and others from harm. >> i thought that the supreme court had agreed to take a case based in new york city about the right to carry a firearm if you've got a permit outside your
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home. you want the supreme court to reare view both the new york -- deal and new jersey case as well? prvelg yes. we were already in the process of reviewing this new jersey case. there are about 42, 43 state that have the appropriate standard of shall issue. which is to say that -- they recognize that fundamental right to carry a firearm outside the home. and it is important that we have these distinction or splits and circuits sweared away from the supreme court so that everyone who has that right doesn't have the right infringed upon. >> it gets to the supreme court interesting test of judge kavanaugh and the five, four conservative majority. curtis hill attorney general, great state of indiana thank you so much for joining us sir we always appreciate it. thank you very much. coming up, watching the latest development venezuela looks like it is a return to cold war doesn't it america versus russia and cuba my take on that is coming up next.
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stuart: 10:00 on the east coast. 7:00 in california. the big board right now shows a gain of over 100 points. now we got breaking news, just coming at us on the economy. it is about consumer confidence but elizabeth macdonald, who is supposed to have the numbers is saying this, no, no. liz: they haven't crossed yet. stuart: we don't have the numbers yet. liz: i will get them as soon as yeah get numbers. stuart: not because of government shutdown. liz: this is worse than expected. this was down during the shutdown. stuart: hold on we have the numbers. the number is 122.2. liz: worse than expected. stuart: not a great number. a decline in consumer confidence. liz: it was taken during the shutdown. stuart: literally, in just a few seconds ago got numbers. i presume the market got the numbers. liz: footnote. this number is still higher than
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it was in 16 years prior to february 2017. you know, still a good number. still worse than expected. stuart: look at this, the dow is gaining just a couple more points on that basis. look at big board now. liz: that's correct. stuart: we're up 120 points. got that. now this, watching the venezuela developments it seemed like we have returned to the cold war with russia. vladmir putin has a huge investment in nicolas maduro, the socialist dictator. he lent him $10 billion. he propped up venezuela's failing oil company and several news outlet's including the "miami herald" report russian military contractors that means mercenaries were flown into caracas in recent days. cold war? could be a hot war. john bolton's notepad revealed 5,000 troops in colombia, during the press briefing yesterday.
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what he earns from the sit go stations will be funneled to a neutral account. no money, no food, no electricity. that is collapse. who will the generals go with, putin or trump? back to the '80s. america versus russia. one last point if i may, remember president obama's outreach to cuba's castro regime? we opened up to communists, gave them a diplomatic and financial helping hand. and now cuban military people are a big part of maduro's security, propping up a bankrupt, collapsing dictatorship. that is another obama policy that i'm pleased to say failed. more in the second hour of "varney & company." ♪ stuart: more on venezuela later this hour. we're talking to walid pharis, who advised the president on national security and john hoffmeister, former shell oil
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president after the u.s. imposed oil sanctions on venezuela. more on that coming up. first, apple. an embarrassing headline ahead of their earnings report this afternoon. a new iphone bug could allow users to listen in on face time calls before the other party picks up, kind of eaves dropping. come in scott galloway, business professor at nyu stern. welcome back to the program. >> good to see you, stuart. stuart: always great to -- >> there is void in my life. it was stuart varney. good to see you. stuart: void in my life, socialist on the set with me. >> thanks for that. stuart: okay. it seems to me the big tech has a huge problem with privacy and trust. >> sure. stuart: but i don't see any serious moves at this point to go after them and break them up. you want them broken up? >> i think a breakup is overdue. i would like to think i'm optimistic it is coming in. in hearings on proposed attorney
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general william barr, he was asked several times by republican senators, talking about the power of growing companies. he said in fact something the fcc should take up. i don't know if it will be meaningful. only 7% of elected leaders have background in technology or engineering. seems like other 93% show up at hearings. we'reoutout gunned here. stuart: you don't like the power companies amassed. >> yep. stuart: i'm with you on that. what i don't like with google and facebook is big brother. i just don't like that. there is commonalty between us here. >> so the big brother aspect is scary but young people how they vote in pocketbooks, they're willing to have their privacy violated as long as there is a coupon or some utility at the end of the it the what is more frightening. i don't think the companies are purposely malicious or interested in the private data. what is come to full light the platforms can be weaponized.
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when everyone is on a platform, you have a bad actor, including foreign intelligence arm of russian government can weaponize the platforms, that means we have big, big problem. we don't like to admit, consume is and americans are easier to fool, convinced we can be fooled, most innovative thing happened last 10 years weaponnization of facebook, something you and i paid for by the russian government. liz: sorry, can i jump in, what the professor is saying is right. facebook is blocking outside groups from monitoring the microtargeting of ads to certain individual groups from actors like russia or any other country to manipulate them on its page so if they're the gatekeeper of honest interactions as they pose themselves to be but blocking the oversight that is an issue for facebook. stuart: you think facebook is truly evil, don't you? i don't want to put words in your mouth but you're extreme on them. >> i don't think they're evil people. i don't think anything can be personified. the organization is not concerned about condition our
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soul, they will take care of us growing older. unfortunately with 2.1 billion people on platform they will make the decision to grow earnings over privacy or national security or commonwealth. that is what the government is supposed to do. it is not doing its job. stuart: talk to me about tesla, you have a prediction about not their earnings tomorrow but about the company. >> yeah. stuart: you're predicting one of two out comes. either they come through and they rule the world. >> yep. stuart: or they go under. which is it? >> it's a fair question. will they change the world or will tesla go out of business or be sold? i would say the answer is yes. i think this company has woke ken german automobile companies from the electric slumber. this company is changing the world. however, it goes to a larger macro question, can an independent automobile company survive in an industry quite frankly is quite efficient and quite well-run? do you have the capital necessary to survive? the key to google and facebook success, in addition to grate
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management, great product they had the bleeding cashing discuss of broadcast television and plenty ready to be disrupted. automobile industry, not ready to be disrupted. mercedes s-class is less expensive on inflation adjusted basis than it was 30 years, this is a difficult business. stuart: before you leave us are you prepared to defend your socialist brethren in venezuela. >> i feel for the people. you said it was failure of obama policy. no it is not. failure after government shutdown and our adversaries -- liz: government shutdown in venezuela? what are you talking about? >> people are testing us. stuart: time up. it was fun. >> good to see you, stuart. stuart: says with a smile. thank you. big talks getting underway in the white house between the u.s. and china. here is what larry kudlow had to say about that. roll tape. >> the president believes that he and president xi will probably be the ultimate
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negotiators. okay? and the work being done tomorrow and thursday is vitally important to lay out options. stuart: okay. scott shellady is with us, managing director at tjm europe. scott, if it comes down to trump versus xi, do you like our president's chances? >> yeah, i do. i think that xi needs to make a deal. we're in a pretty strong position as the best economy in the world right now and i think ultimately when it gets down to the brass tacks i like our chances of getting something done. we'll have to give up something. that is all part of negotiation wish the left would realize that. we'll not get exactly what we want but we'll get something that hopefully changes the world order how we all trade with china, not just the u.s. stuart: we have to get some kind of a deal, if we don't get any kind of deal at all, it breaks up in acrimony, our stock market goes south, i think and their stock market goes even further south. our economy doesn't look good.
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their economy doesn't look good. there is enormous pressure on get something done, right? >> yes. and i think that they know exactly that as well. they watch the television. i know that president trump watches your show. so yes, they have that in mind. they know they need to get something done. you know, stuart, not to make everybody's eyes glazed over but the technicians that watch these markets say we're in very vulnerable spot here. we either continue to go higher, grind sideways, if something goes wrong there is significant downside. where this market is technically speaking the technicians watch what happens next few days as well with rates and fed. we're in critical nervous time here with our equity markets and prices we've got now. stuart: talk to me about brexit. there is it a vote today. our own ashley webster says nothing is going to pass. very unlikely anything passes. explain to me why is it the stock market in britain is doing very well at this moment in time when the brexit mess seems to be
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front and center? >> because they're realizing that the naysayers and scaremongers are full of garbage. at the end of the day there is more and more folks slowly but surely lining up hey, we'll just have to leave. make it easy for all folks at home, would be like president trump being elected president here, having that election ratified by congress that doesn't like him. what do you think is going to happen? that is exactly what is happening over there. the people voted for something. they got it. they're asking parliament to ratify it so they won't do it. the people are slowly but surely getting anger, they don't care about hard brexit. that is anotherrage why tiff. who cares. we're leaving sayonara. stuart: you explained it very well in an animated fashion. thank you very much, mr. shell mr. shell -- shellady. we have new cold war with venezuela i talk to walid phares
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about that, advisor on national security. we'll see if he agrees. we'll hear a lot about america's energy dominance. later this hour i will talk to a former oil executive, talk about energy independence is nonsense. numbers don't add up. we'll listen to him. big social media companies said it makes me uneasy how much information they have on all of us. we'll talk to someone who literally wrote the book on google. he knows some pretty scary plans of theirs. we're on it. you're watching the second hour of "varney & company." ♪ our grandparents checked their smartphones zero times a day. times change. eyes haven't.
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stuart: holding on to small gain. 60 points up for the dow industrials. the dow is close to 24,600. take a look at gamestop, that is a video game retailer. it is no longer looking to sell
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itself. it is looking for a permanent ceo. investors do not like that. the stock is down 26%. $4, back to 11 bucks a share. verizon the biggest drag on the dow. hurt by restructuring in the media business. that stock is down 3 1/2%. that is not helping the dow industrials. breaking news. here is comes. defense secretary patrick shanahan told reporters at the pentagon he has not discussed sending 5,000 troops to colombia. the question came at him after video of john bolton's legal yellow pad, he had written 5,000 troops to colombia on it. i didn't bring a notepad today. i haven't discussed that with secretary bolton. walid phares, former trump national policy advisor. despite the statement from shanihan there, it looks like a military standoff. are you with me on this.
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>> i'm with you on this in principle because it would make full sense, logical for the united states, for the administration, therefore for the national security advisor to discuss every single scenario. venezuelan regime is using their troops to go against obviously the demonstrators. he warned them, john bolton warned maduro not to use those forces against our diplomats or against the transitional government. so it would be very logical to discuss scenarios. now that little inscription of 5,000 could be part of the discussion but i am sure there are no decisions so far as far as we know from public information. stuart: is it a cold war situation that could become a hot war situation? trump versus putin, america versus russia? could it escalate to hot war? >> we are in the neocold war. a new type of cold war but without the estimate that we're going to escalate to nuclear confrontation. this is very clear that nobody will win a nuclear confrontation. it will be below that.
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stuart: how far do you think the russians will to to protect their investment in venezuela. they got military people there. prop up the oil company. require oil revenues to get honey back from the loan? how far will they go? >> that is the best question of the day, stuart, in syria they will invest a lot in syria. geopolitically they are close to russia, to iran, to iraq. they have the assad regime. venezuela is big challenge for russia if they ban to escalate. so far what forces they insert. what other movement they will be able to do. but they have a threat, if you escalate in venezuela we may escalate in another location around the world. we have better position dealing with venezuela, just because it is present and in our neighborhood, colombia and brazil, both allies to us, basically neighbors, immediate neighbors to venezuela. >> what do you think the odds are that maduro is out by the end of the week, removed
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bloodlessly? what do you think? >> the week i don't know about that. removed bloodlessly is very possible because demonstrations are very stubborn because transitional president guaido is receiving a lot of international recognition. more importantly what we hear both at the surface and below, we have some sources here, the armed forces are not really committed to clash to have bloodshed with the population which means that there is a chance at some point in time that he will not be, cease being president of venezuela. defacto president of venezuela. stuart: john bolton said, they will be held accountable. and a good thing too. walid phares, we'll see you soon. >> thank you. stuart: more on venezuela on the fox business network. listen to this, trish regan will interview the leader of the opposition, the man, juan guaido, 8:00 p.m. eastern. trish regan tonight. this network. the pope has a new target, social media companies. he says they're turning young people into social hermits
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creating spirals of hatred. tackle this one in just a moment. ♪
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stuart: there are stocks which came out with not great earnings and they're way down. whirlpool came out with a not so rosy forecast but stock is actually up nearly 3%. maybe their earnings were pretty good. how about lockheed martin? their profit fell short what was expected. who cares? the thing is up a buck at 2.88. let's see if pulte homes -- orders are down there. is the stock down? yes, it is nearly down 5%. we got one right there. now this, really different.
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pope francis coming out against social media. it is turning young people into social hermits. that these companies create spirals of hatred. father jonathan morris, fox news religion contributor is with us now. father, why is the pope getting into this line of reasoning on social networks? >> well, he hasn't taken down his twitter account, right? stuart: true. >> he is still using it. he is critiquing it. every parent listening says okay, he is right. my child is a hermit. he lives on his phone or she lives on her phone. that is not healthy. but we can't get away from it. there is no getting away from it. stuart: that is true. >> i can't say i'm going to be very responsible and not use my cell phony more. that would be irresponsible of me. and let me give you two very simple examples. one i think plays into what pope francis was saying. we saw what happened with the covington catholic school. it was because there was a video that went viral, that happens
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through social media. also through television but mostly through social media it goes viral. the truth gets distorted. that is one very, i think concrete -- stuart: the pope is right on this. >> but social media can also be very positive. in my opinion it was very positive when the video of the, of all of these legislators in new york state cheering over this new abortion bill that makes it most permissive abortion bill in the country, now able to have an abortion up to the very last moment of birth. seeing these legislators cheer in excitement. that video went viral. this was in the works for a long time but it didn't, we didn't know about it in a deep personal way until that video went viral. we said something is deeply wrong here. that is an example of the good of social media. stuart: social media will never going to go away. >> no. one form or another. stuart: it is a fact of life
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right now. we have to, get used to it. do we get used to it as the pope says? spirals of hatred? >> yeah. stuart: or do we back away, this is really nonsense? i don't want any part of this? >> you know what i try to do, for example, my twitter and facebook is recognize that the anger that is out there that is so present, anytime i post anything, you know, so i post something about social media, someone will say ah, but the priests are abusing kids. what does that have to do with anything? that is a terrible thing, a terrible thing but first thing i post, someone will do that. it is a tiny percentage of people who are so angry and have this desire to put out hatred. so you have to just, you just have to stop and say, i'm not going to dedicate myself to reading every single comment and responding. stuart: i think the pope was right to point this out. no harm done whatsoever. i'm with you. >> i hate being with you. i like being with you. i don't like agreeing with all
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the time. stuart: put it on the social network how you feel. >> i love you. liz: make it viral. stuart: father jonathan, thank you, sir. apple reporting profits after the bell today. this is very important. stay with fox business. you will get full coverage of the apple results on "after the bell," 4:00 p.m. eastern time today, this network. first though, listen to this. this is something. israeli scientists claim they will develop a cure for cancer in the next year. i want to know, is this real? is it? we've got doc siegel on it coming up in the next hour. stay right there, please. big show. ♪ nah. not gonna happen.
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♪ the taxman stuart: yes, i want to play this every single stay for eternity. i know you can't do that but would like to. this is way back in 1960s. liz: john lennon knew how bad the taxman was. stuart: they got it right even in the '60s,. liz: there you go ♪ stuart: look at this, don't you love it! we're up 145 points on the dow industrials. all of sudden. i don't have the dejuor. liz: profits are coming in nicely. they're beating estimates. stuart: i will take your word for it, lizzie. 130 points up. big tech names, most of them down. the only winner at the moment is apple. not much of a winner, it is up 60 cents. that is all you got. facebook 145. microsoft, 103, ouch. i'm getting hurt. how about tesla?
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it reports tomorrow after the bell and ubs says it will likely be disappointing. the stock is down about 2 bucks. 294 is the price. all right. i think we need a drum roll here. our next guest says we're repeating the history of the 1980s and that is a good thing. i don't know what that means. zoo we'll ask him directly. his name is barry knapp, the managing partner of iron sides macroeconomics. a face business watchers will know. we know you, barry. you what do you mean about repeating the history of the '80s and it is a good thing? >> we had 3:00 none recessionary oil price collapses related to supply shocks. one in '80s, first thing ronald reagan did when he was elected president, deregulate the energy sector. energy production rose sharply. that non-opec supply caused a 75% decline in oil prices. out of that earnings stablized, oil prices stablized the stock
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market exploded. it went up 50% before the crash of '87. there were other similarities. new fed chair was tightening policy. a new tax reform bill did create some initial dislocation although did drive capital investment over time and we had an administration fighting with asian trading partner with a closed capital account and big current account and strong dollar partially all of those dynamics, that created the macro instability that led to the crash of '87. the great lesson of the crash of eight sy seven, i was a young pup on the street in those days, was it did not lead to recession. it was merely a market event. there was no leverage in the system, nothing associated with it. once the bull market resumed. the recession didn't occur for nearly four more years. the market ended up making a new high. stuart: where are we now in the 1980s cycle?
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>> we're in the beginning of 1988 when the market is beginning its recovery and starting to work back. stuart: really? >> i suspect we'll make a new high, if not this year, probably this year, if not this year, early next and the business cycle undoubtedly lasts longer than most expect. stuart: that is interesting. >> partially because of oil prices, because there was a second leg lower when stocks went down. so you never had that impact on the economy. remember the oil industry was a big part of the economy in the '80s, '70s, much bigger than it was certainly 90's, 2000. it's a big part of the economy. liz: you had a debt leverage s&l crisis? >> that was early '90s. liz: that was recessionary event. >> when we had the recession, correct. stuart: barry knapp is saying we're at beginning of another bull market? >> correct. stuart: i read your stuff. like regional banks, that amazes me, with maxine waters, chairing
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the financial services committee, with direct authority over regional banks you like them. >> interesting, i go back to history a little bit as i'm prone to doing, like to do. period after world war ii we had similar monetary policy environment. in that case we had an explicit interest rate cap. that forced banks to hold a massive amount of government securities. at one point roughly 70% of their assets. we had an extremely tight regulatory policy of the as a consequence return on equity in the banks throughout the 1950s never went above 10%, like it was until this quarter. that lack of profitability, inability to earn out their cost of capital made that group a really poor performer through the bull market of the '50s. the interesting dynamic though now relative to then was dodd-frank was passed and what dodd-frank was did was give massive discretion to the regulatory apparatus, the bureaucracy. if you read the treasury proposal back in 2017 all of
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their proposals, 90 plus percent of them could be executed by the bureaucracy, not the legislative body. so they have now started to loosen the regulatory policy considerably and you've seen banks disinvesting themselves of government securities, investing in actual loans to the private sector and return on equity jumped this quarter. stuart: maxine waters will not -- >> she has no real power over that. unless she could pass legislation to change all of this, there is really nothing she can do other than hold hearings. liz: the senate will veto, republican senate. >> there will not be any legislation on the banking sector. most of this is already in the works. as you said you saw it in this quarter's earnings. stuart: historian, barry knapp thinks we're going higher overall and he thinks regional banks will do well for you. >> i do. >> okay. say no more, barry knapp everyone. appreciate it. let's get to venezuela of
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the u.s. has imposed the new sanctions on the state-run oil company there. listen to what treasury secretary steve mnuchin had to say about that. roll tape. >> if venezuela wants to continue to sell us oil which we would like to buy, that money will go into blocked accounts and will be protected for the people of venezuela. we'll always look at additional sanctions. we want to make sure that things like medicine and other humanitarian issues continue to go to the people. stuart: let's bring in john hofmeister, former president of shell oil. john, is this going to affect us in america? if we're not taking venezuelan oil, does the the price of gas d price of oil start to go up? >> not immediately, stuart, not in my opinion. i think that the, there may be a workable plan that secretary mnuchin is putting forward, if the money doesn't go to maduro, there is no reason we can't continue to receive shipments of oil from venezuela unless he
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stops them. if he stops them, then he has no revenue coming in for the rest of pedevesa to do what it needs to do. so he is compounding his own problem. so i think it will be confusing for a while but i don't think there is going to be an immediate impact on gasoline prices. stuart: the russians have a big investment in pedevesa i believe, and a big investment in venezuela, is that correct? >> yes. as do the chinese. and i think the support from maduro from the russians and the chinese has a whole lot more to do with billions and billions of dollars they have at risk. a new government could come in cancel the loans and just take the consequences of whatever that might mean. maduro, at least there is a chance, a repayment, although it's a very slim chance at best, because they have spent the money and they still don't have more oil. so i don't know what they do. they're mortgaged to the hilt. now if russia or china try to
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take over pedevesa, good luck. it's a state-owned company. i don't know how you take over a state-owned company. they could try to sake over citgo but they have to deal with u.s. law. i'm not sure how easy that will be for the russians or the chinese. stuart: sounds to me like america is in a winning position at this point? >> i think so. the strategy of putting maduro on the defensive like this is clearly a strategy that's working. stuart: okay. i've got a bone to pick with you. you say that america is not as oil independent as economists say we are. all right, you got a minute to make your case. >> not all molecules are created equal, stuart. in other words, natural gas liquids molecules and lng molecules that people are talking about citing energy independence doesn't mean a thing to the refiners who need imported oil to keep american gas tanks filled every day. nearly 40% of the oil that goes
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in our gas tanks every day is imported oil. that is not energy independence. it is only when we have energy independence at the gas tank level that we're truly independent from foreign oil and we're a long way away from it. stuart: okay. well, i'm running out of time so i can't go after you on this. i just like to see america rule the world in energy and, that is what i like to see. what can i say. john, we're out of time. sorry about that we'll bring you back. i promise you, we'll get back into it. john hoffmeister, everyone. thank you, sir. >> thank you. stuart: now this, we know president trump wants his wall. we'll talk to someone who says of course, walls work. all you have to do is look to israel. we'll bring that up to you in our next hour. first social media companies, i don't like how much information they have got on all of us. we'll talk to someone who literally wrote the book on google. he says they have some scary plans. we're on that one for you.
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♪ liz: former new jersey governor chris christie says president trump has done a lot of things right since taking office but
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his poor personnel decisions are now interfering with progress. roll tape. >> tax reform, big triumph. regulatory reform, big relief for business. the courts, 99 new judges on the circuit court with two supreme court justices. new trade deal with canada and mexico. i think all very good, substantial achievements that are helping the country. now, on the downside, as i say in the book, there have been times where i think he really made some very poor personnel selections. and those poor personnel selections have hurt him. michael flynn as national security advisor one example. that was a train wreck you could see coming from a mile away.
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stuart: all right. we got 100 point gain for the dow and that puts it at 24,600. however, look at nvidia. took it on the chin yesterday. down again today. down another 2%. more downgrades for nvidia. look at harley-davidson. their sales were down and that stock is again, taking it on the chin so to speak, down nearly 5% on harley at 34 bucks a share. our next guest says the goal of tech companies like google to create powerful monopolies and weed out small businesses. michael recte n.w.a. ld he is author of the book, the google
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archipelago. you're portraying them totally evil. what are their plans. >> i have to be a very careful here. i'm talking about the second largest company in the world. stuart: you are. >> number two, everything i say is distorted by leftists so, he have to be, on my guard exactly. be very precise here. stuart: what is google planning that is so evil? >> not so much what they're planning but what is alwaysing ruled out. first of all we know about their search engines and biases of the algorithms and how they stack news results for the searcher. that is leaning left, all the way. we know all about that we know about google's internal work culture, through the james damore legal case. the way they root out anybody that differs from their left-leaning ideology. we know how about facebook is also biased against right-wingers and also, anyone on the right and its left-leaning in terms of their searches and the way they stack, way their algorithms work.
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similarly we know twitter is also very biased. they dark, they banish certain right-wing or right-leaning people. anybody that criticizes -- stuart: they all deny it you know. more to the point they say they're taking steps to make them, not middle of the road, accepting of their russ points of view, conservatives included. >> right. stuart: they deny your charge. >> it is provable. there have been studies that show that these are the cases especially with the google searches, that they stack the results. they stack them in favor of left-leaning news and opinion. stuart: your objection they're a monopoly. >> yes. stuart: very powerful and left-leaning. >> right. stuart: my objection is not idealogical or political. just that they are big brother. >> that too. that is what i'm getting at. stuart: they amassed a extraordinary degree of power and influence over every single human being. >> that's right. if you were look what they were
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developing for china, project dragonfly, which was to make searches reportable directly to the government. so and they would also make certain searches illegal in effect. if you tried to search for tianamen square, you would get no results but the fact that you searched for that would go straight to the chinese government. okay, so this is what they were planning to do until it came out, and it was exposed. my question is, to what extent is their technology already allow for this? are they already, is their leftism, is there leftism built into the algorithms, into the apps? into other aspects of their technologies? i'm looking at the technologies directly to see exactly what they're doing. stuart: you think that at the could actually be manipulating our political lives. >> yes. stuart: all of us. >> yes. stuart: without us knowing about it and without them admitting to doing that? >> that's right. stuart: that is your charge
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essentially? >> yes. stuart: what are you doing about it? >> i'm writing a book, documenting this. google archipelago is looking into all elements. internal culture of google which is exposed through through the damore case. stuart: have you worked out the solution? >> you have to know the problem and it is extensive. stuart: what is the solution? >> solution is competition, always. always the solution is competition. stuart: hard to get a competitor to an organization with a couple billion people on its platform? >> yes it is. however in fact these intentions or intention alty, unintentional bias big brother apparatus can be challenged that will downgrade the value right there and open the door for competition. stuart: yes it would. michael, thank you very much for joining us. >> thank you for having me, stuart. stuart: we have a new this. a new study warns against screen time for young children. says it delays their development. we'll break it down for you. check the big board again.
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we're still up. not as much as we were a few minutes ago. 60 points higher. 24,600 is where we are. more "varney" after this. ♪ ything. like my bike and my calves. liberty mutual customizes your car insurance so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ shouldn't mean going back to the doctoro just for a shot. with neulasta onpro patients get their day back... to be with family, or just to sleep in. strong chemo can put you at risk of serious infection.
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stuart: this is a bombshell headline. a team of israeli scientists claims that a quote, complete cure for cancer will be rolled out within a year. you got to bring in dr. marc siegel in for this one. doctor, is this real? >> absolutely real. company called accelerated evolution biotechnology. big words. here is what the idea is. they have cancer down pat. cancer a war in the bloodstream, stuart. you know what is going on? cancer first of all overexpresses certain proteins that mutated that changed. they are loaded with abnormal proteins that they make more and more. that is a cancer molecule. also cancer puts up barriers to the immune system, recognizing it, defeating it. we always tried to defeat it, choosing one protein targeting it. cancer is clever, mutates away from that, survives. here is what this technology does, it uses tiny proteins to target three abnormal proteins
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under cancer, very tiny. they are manipulated by its own dna. they created dna type attack molecules, toxins, they go in there and attack the cancer molecule, when it starts, when it is a stem cell before it can mutate, before it can put up a barrier and they kill it with minimal side effects. just starting human trials. i like this technology a lot. it's a few years away. stuart: could it really be the complete cure for cancer as we read out in the headline? >> no. but it could be better than anything we've seen before and it is a absolute real all-star with innovation new technology. again very tiny molecules genetically engineered attacking three different areas on the cancer molecule. getting in under the cancer radar. fantastic minimal side effects the i like it. stuart: a new study says two to three-year-old young children if they spend two or three hours a day screen time that delays their development.
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that is what the study says. i take it you agree with that? >> agree with that. stuart: why? >> here is why i agree with that -- stuart: all the visual images coming to the young child. doesn't that stimulate? >> later on. a older child, maybe. my 13-year-old yes, already developed interactions with people, social relationships. the problem is that a young child at the age of two or five is better off interacting with you or with a caretaker, somebody that gives them very complex signals that they learn to process. not this stuff on a screen. it is very two dimensional. no matter what you do with technology it is not as good as stuart varney talking to you, especially liz. liz talking to you would really advance quickly. liz: oh, really? i'm flattered. stuart: two to three hours a day is something that a lot of parents do, you know, give their child screen time, two to three hours a day, when they're that age, two or three years old. sure, two to three hours a day isn't that bad, is it?
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>> usually more than that. secondly two to three hours a day you might be doing something else. parents out there, are you doing it because you're exhausted? did you not do it back when we were kids because you had no technology? stuart: wait a minute -- >> park a kid, as a babysitter. we used to have a technical babysitter. stuart: put them in front of the videotape player, betamax thing that would entertain a couple hours. it was a wonderful thing. now you put them in front of a device. that is two to three hours of screen time. it's a wonderful thing. >> i'm not sure "lion king" in front of the old video max was any better. process sitting passively. they're sedentary. they're not exercising or not moving. their blood is slowing down. liz: go concentrate. >> i'm not against technology. stuart: yes you are. we have to go. you're out of time. you're out of bounds. we're out of time. >> i like it but in limits. stuart: now this. seems like billionaire howard schultz touch ad nerve when he announced he is seriously
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considering a run for presidency. democrats are apoplectic. why? because it could split the party. my take on that is next. ♪ numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence. .. ♪
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the new capital one savor card. earn 4% cash back on dining and 4% on entertainment. now when you go out, you cash in. what's in your wallet? stuart: you can tell he touched a nerve. billionaire howard schultz, starbucks founder is seriously considering a run for the presidency as a centrist independent. the left really doesn't like this. schultz could separate the socialist democrats from the moderates and put donald trump back in the oval office for second term. mr. schultz got a hostile reception when he appeared in public. watch this. >> you egotistical -- [inaudible] [inaudible]
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go back to starbucks at the other billionaire elites. stuart: wait, there's more. columnist michelle goldberg called his candidacy rack with spirit idiocy. this is no time for howard foolishness. strong stuff. what's happening here if the that democrats have gone way out on the socialist left and they want to keep the party unified the hind massive tax increases and massive government spending. do. not a town hall in iowa, candidate kamala harris spoke of bending private health insurance and replacing it with government care. who cares if the cost trillions of dollars. potential candidate bernie sanders wants medicare for all, which he says will only cost $1.3 trillion a year. kirsten gillibrand, julian
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castro come elizabeth warren, tulsi gabbard, all running or thinking of running in our tax increases on steroids. they have a lot on the party and its platform for 2020 and along comes howard schultz, an independent who says medicare fraud would bankrupt the country appeared don't forget multibillionaire michael bloomberg also thinking about a run for the senate. finally, the left is being called out. a very serious problem that is allowed socialist to take it over. the third hour of "varney & company" is about to begin. ♪ stuart: was a writer was i right? give it a right? david valette, gopac chair and frequent guest on the show. conservative kind of guy. you must be rooting for a schultz candidacy. >> writenow schultz is to tame
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tivo of major league baseball that he was very successful in football. let's see if he can convert that to baseball just like howard schultz. anybody should run. the party that nominated hillary clinton has every bit the ability to nominate equally someone unlikable by americans. it's more about who the democrats nominate. howard schultz will have his impact if he gets on all 50 ballots. let's not get too far ahead. there is no party structure to help get you on the ballot. there is no grassroots organization. before we start saying he's going to be a spoil, let's see if he is legitimate. let's keep the focus where it meets to be, which is these outrageous plans. kamala harris is talking about putting 2.6 million people out of work. 2.6 million people out of work.
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tree into a runs, he will peel away all those votes from the democrats. he will peel all those votes away and split the democratic party. what is wrong with that? >> there is sql analysis and numbers that can show there are moderate republicans and independents who may be attracted to a schultz message. does he have an impact on both parties? he doesn't ultimately get down to the two party nominees are. republicans know president trump. who are democrats going to nominate? a party that nominated hillary clinton can give us someone equally unattractive for most voters in 2020. stuart: i do agree with you, and what kamala harris said in iowa, getting rid of private health insurance and going full on. that is a real shocker. not just the cost that the sweeping change or she stands
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for. >> never in the plans they talk about access from an insurance is a let's talk about the access when you can get to a doctor to proactively encourage people to be calm doctors and nurses and the doctor shortage isn't being talked about. there is an adapter that lives within an hour of view. access problems when it takes your mind to be able to get to see her doctor because the backlog and when you do get in to see a doctor you get all of two minutes at the doctor because they have to go onto the next patient. what we are not talking about from a health care to come the way we do to get more individuals and to the health care profession to ensure access. stuart: i'm waiting for joe biden to jump in. he will run straight to the top. >> certainly by name idea among. thank you for joining us.
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you are welcome back on the show. now a migrant caravan. more than 12,000 people are on board right now when it still had it towards our southern border. come on income a welcome guest on the program, the lieutenant governor of the great state of texas. sir, welcome back to the program. open-ended question. would you support president trump if you declared a state of emergency to get that wall built? >> in poker they would say move it all in. absolutely. all in with the president on declaring it an emergency crisis because, stuart, great to be back with you as always. because it really is an emergency. our state troopers alone sees 94.5 pounds offense and all last year, which when you break it down, breaks down to 21 million lethal doses to the american public. we know we have an opiate
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crisis. but the crisis alone. 200,000 illegal alien mostly here legally over the last seven years charge with over half a million crimes. humanitarian issue people dying to come to america. been sexually assaulted by the cartel to get here. one out of five students in texas school today doesn't speak english are not very proficient, costing taxpayers billions of dollars in the extra educational cost of the crisis at every level nancy pelosi and the left are manufacturing a cover-up and the president is right to call it that. >> texas is a border state. what kind of structure would you want? a fence come a steel barrier wall? how would you do it. >> for example, el paso once upon a time didn't have a fence. it's one of the safest cities in the united states. the heart of the rio grande valley where 60% of all people
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cross into this country illegally. one of the safest cities in the country. here's how it works. you can call it a fence. it's a barrier to keep people out. it works all over the world. private security, everywhere as we all know when it's ridiculous that nancy pelosi called it immoral. you can't call an inanimate object immoral to begin with. she sullied our country out by not recognizing the danger we're in. by the way when i was on your show in june of last year we broke the news that there are between 20 and 35 million people here legally in september of last year after i was on with you camille came out the study that backs up what i said. we are about 7% 3% of the population. we don't know exactly what you're legally. but we would build in the rio grande valley a fence to an area called falcon lane. .the big population centers for most people come in illegally.
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i've been up there many times and you can see the trails in mexico, trails in texas where they get to the main highway. push them out to no man's land. we don't need fencing across all 1200 miles of texas from adobe needed in hundreds of miles of texas. right now 54.5 miles adding 22 miles in february. i need about -- we need fencing in the credo, new mexico, arizona. it works and democrats will assure that president trump. call the emergency order. get it done. stuart: dan patrick and lieutenant governor of of the great state of texas. thank you, sir. appreciate it. check the big board holding onto a miniscule gain. 10 points up in about half the battle are green. reporting profits today. let's see their performance. 3m reported the stock is up near 3%. pfizer reported the stock is up
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two and a quarter%. verizon reported restructuring business down to by 5%. apple going to report their profits after the closing bell this afternoon and we don't know what they're going to report, but the stock is dead in the water in advance of the official numbers. 4:00 p.m. eastern time, live coverage of apple's profit on this network, the fox business network. president trump will give his state of the union address one week from today in a letter to speaker pelosi the president says it is my great honor to accept. we have a great story to tell in great goals to achieve. later on today in britain's parliament game one of the book makers about the odds of a note yield brexit. ashley webster live from london next. another negative headline for facebook reportedly blocked tools that would let users see
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exactly how they are being targeted by advertisers. we are on it. the third hour of "varney & company" just getting started. ♪ you've had quite the career. yeah, i've had some pretty prestigious jobs over the years. news producer, executive transport manager, and a beverage distribution supervisor. now i'm a director at a security software firm. wow, you've been at it a long time. thing is, i like working. what if my retirement plan is i don't want to retire? then let's not create a retirement plan. let's create a plan for what's next. i like that. get a plan that's right for you. td ameritrade. ♪
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and financing is available for qualified purchasers. stuart: another vote in parliament today after a number of amendments with teresa mais brexit plan. let's get right to it. what do they say is the most likely outcome? >> apparently and i'm glad to be a london bookie. note yield brexit on. in other words you have to bet a pounds to win one pound. no deal looking very likely. the opposite of that would be four to one chances of a second referendum no.
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in other words the second referendum is not going to happen. another confidence vote in the prime minister already survived two. they believe it is two to one. she will face another confidence vote as the clock ticks down to the brexit deadline. by the way, and the bookmakers say if they voted again it would be two to one to remain fixed one to leave. it would be different from june june 2016. meanwhile, the emotions ratcheting up outside of parliament with a lot of pro and anti-brexit people here. the police presence is that. police surrounding the entire parliament building and were expecting to vote on this important amendment at 7:00 tonight. teresa mais has to decide what am i going to do. jeremy corbyn says i'll only talk to the prime minister if she'll take no deal at the table. the prime minister says i'm not going to do that. jeremy corbyn once again on the outside of all of this. where do we go from here?
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it goes on and on. doing government work over there. steve health and director of strategy for prime minister david cameron the host of the next revolution. the book say odds-on favorite there is no deal. we crash out so to speak. do you see it going away? >> it is hard to pick a favorite. certainly still a possibility and one that i would favor because it is the closest to what people voted for in the referendum. but there are two other options and they are equally likely. all is going to depend on one of the vote tonight. the thing to look out for in a few hours is whether the members of parliament vote for an amendment that gives them the
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power that takes the control of the process away from teresa mais and the government and puts it in parliament tam. i think it's game over for brexit recants bmps want to stop brexit. they're going to try and delay it and will just lead to the whole thing. there's still a chance if he stays in teresa mais hansberry zero probability that she could still get her deal through, which is in a great deal, but it's better than nothing. stuart: but which are describing is that the people voted to leave, but the parliament cannot deliver on what the people want. that is the makings of a real confrontation and a constitutional problem, too. >> yes. it is not that they cannot deliver. they don't want to deliver. they actively want to overturn the vote. majority in the country for
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brexit, but the majority in parliament it's against. and the shoes trying to deliver the vote. at the shoes trying to make it happen. if she loses control of the process then it goes to the parliament, then they really do have the power to stop it, which is exactly as you say come a real constitutional crisis. stuart: i know you've got close connections to big cat, so i'm going to read two stories. one on facebook and one on apple. they blocked ad transparency tools that would've allowed people to see how facebook targeted by ad. secondly, with apple there is a bug in the face time feature that allows eavesdropping while users actually face time. i know you're familiar with both of those stories. it doesn't seem like anything ever happens to these companies when they're invading privacy.
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nothing happens. >> yes. the thing that connects both the stories as you cannot believe a word about privacy and what they do with your data. they constantly come out with your names about how to put you first. they don't sell it. they don't do anything with it. time after time we see example after example when that turns out not to be true. on the apple story by the way, everyone is up in arms about the fact that a smartphone could be taken over as it were then used to ease drop on you. frankly that's been possible along with them. they are able remotely to take over and a smartphone in the world and listen to any conversation. that's been true for years. if you really want your privacy, it's not have a smartphone at all. stuart: with gone.
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the hand written letter and that is the fact. i'm going back in the future. thank you for being with us. atlanta bracing for winters aren't just day before it hosts the super bowl. 100 flights a party been canceled and officials are warning i.c.e. could slick and streets around the city. president trump will sit down for a pregame interview with cbs market brennan on sunday. he scripted tradition last year when the super bowl aired on nbc. i landed.
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stuart: on your screen, that is the kind of castle marketed as a dream home for doomsday propers. four stories, 22 grams, 8000 square feet and is located in the nevada desert. concrete walls, self-sustaining 4000 storage system just in case. a housekeeper gets trapped in an
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elevator for three days. wait for, in new york city. led claim she got stuck on friday. they didn't know anything was wrong. they found her in between two floors dehydrated but okay. snap, known for its disappearing photos and videos is considering a change that they may not disappear anymore. check snap stopped badly beaten down recently, virtually no change. youtube says it will stop recommending conspiracy videos. buzz feed released a report sharing how the recommendation system promote conspiracy and politically charged videos. the clock is ticking for negotiators on capitol hill to reach a deal on funding for border security. next we'll talk to someone who says they wall will work. he says israel is proof of that. president trump unveils his plan for peace in the middle east this spring. our guests as they could be the
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deal of the century and is going to tell us all about it. ♪
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stuart: holding onto a very modest gain. 30 points higher for the dow jones industrial average. how about the s&p? or fractional lost on a 31%. the nasdaq not much change either down significantly. a near 1% drop. the big name technology companies are not doing well this tuesday morning. secretary of state mike pompeo has confirmed the president plans to reveal his deal of the century peace plan in april of this year. joining us now is the author of the book, trump and the jews. david rubin joins us now. deal of the century. do i sense a touch of exaggeration? they've been talking about it for a long time. stuart: you're an insider here.
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what would you know this possible deal? >> two possibilities we've been hearing. everyone is waiting to be, the two possibilities. one is that it going to be basically regurgitated. the old land for peace formula that they talked about a two state solution. palestinian state perhaps in a slightly lower percentage of judea and samaria so-called west bank. stuart: a two state plan. >> which is the losing formula. he shouldn't go that route. the other possibility which i've also heard an arrangement by which israel will get full sovereignty over judea and samaria, the so-called west bank.
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in addition to that, and the arab residents who aren't yet citizens will have they pass through jordanian assistantship even though they don't live -- even though they live in judea and samaria which would be under israel's sovereign day. so that sounds like an interesting possibility that could have the possibility of working. stuart: that would actually give israel absolute sovereignty. to judea and samaria, which is a substantial portion of land on the west bank. why would the palestinians or arabs in general, why would they approve of that? >> somewhat approve it, but you have to remember the second peace process has been going on for about two years. we've spoken about that on previous shows. that is the peace process that's
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been happening quietly. cooperation between israel, saudi arabia, egypt, jordan, bahrain and other countries in the middle east, the cooperation both economically based on strategically based as a counter to iran which is seeking to dominate the middle east and support terrorism throughout the middle east and the world. stuart: i've been in america for 45, 46 years and i've heard plans for peace in the mideast and we don't have peace in the mideast. >> well, you shouldn't. we've been banging our heads against the wall. the soap land for peace are two state formula for some 13 years now and it's never worked. as fire from working, you know, if you ask israel, women in the
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street in israel, they will tell you there's no possibility. there is no way that you can have a palestinian state that's basically for the palestinian authority, which is comprised of hamas terrorist and islamic jihad terrorists. you can't have a piece from a real peace plan with them. it's a losing battle to go that route. it is to create with jordan, egypt and the other arab countries. and working together at israel to counter iran, which is the most destructive force in the middle east by fire. stuart: a little skeptical on the long-term success of these peace plan. i hate to be skeptical about this. >> as i wrote about in the book
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trump and the jews, president trump has done a tremendous job and i want to see that continue. so if i want to see that continue, i have to speak the truth about what is happening and what the potential of successes. stuart: quickly, you've got a wall. you built a wall in israel. >> rebuilt to laws. we have two walls that work. stuart: what kind of structures are they? a >> the first wall was built to separate judea and samaria from the major israeli population centers and to stop the terrorism. the islamic terrorism that was raging in israel sometime ago. hasn't stopped, but it's decreased. why has the decreased? because of that wall, which is partially made of concrete, partially of steel wall and you
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can call it a fence if you wish to be more gentle. the fact is they cut down on terrorism and israel's major population centers by 95%. the second wallis at the southern border between israel and egypt, between 2010 and 2012 coming there was rampant illegal immigration coming in. 35,000 illegal immigrants came from sudan and they were causing crime in southern tel aviv. there were murders in the city that never had serious street crime. stuart: and the wall worked? >> the wall worked. it stopped it to a halt. stuart: take your message to america's congress, please. i've got breaking news now. here we go. a longtime trump advisor, roger stone just leaving federal court in d.c. he pleaded not guilty to charges of when ms. tampering in mind to
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congress. it is not stuck right out there today. drove off. pandemonium outside the court. now this, lawmakers to reach a deal on border security. indiana senator mike braun has a senator. do you think were going to get a deal or are we looking at another shot down or we looking at a president who declares a national emergency. three ways to go. what do you see happening? >> i think where we left it here and got the ball rolling again as most of us here don't like the idea of shutdowns even though the president has warranted. there was a major theme of what he ran on. i know you were referring to a wall and moment ago. this whole thing was categorized as a wall. when the president campaigned indicating across from cdc. he is now following border
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patrol of i.c.e. to a structure, a barrier where you need it to enforce border security. i think the ball is clearly and he reopened the government. it is now up to them to give bass what he campaigned on and when most of them agreed to to get this thing down. stuart: and if they didn't, if they do not agree to a structure on the border and money for it, would you be okay with that declaration of emergency, national emergency and get the military to build the wall, would you be okay with that? >> i don't like that either, but as far as president trump has come, that has been such a foundation of what he ran on and got it in 2016. i'm going to probably defer to what he feels he needs to get done to build a structure and do
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all of the other things following the advice of the experts the border patrol folks. stuart: two republican senators have introduced bills that would prevent future government shut downs. any chance that this will pass? >> there is one bailout air, which is mine and senator manchin and that is if you don't do a budget within your time allotment, that would be a shot for any of us to do it out of necessity because we want our businesses to exist, state governments to run. the other bill, which i like as you go right into a cr, but instead of most of our crs, this would put lemons and then in the spending gets reduced by 8%. we have to confront that sooner or later because we are running trillion dollars deficits and a whole bunch of processes out of control. stuart: the congressional budget office says we will add another $12 trillion to the national
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debt by 2029. that's an extraordinary extra amount of debt. are you concerned about that? >> iem. i'm on the budget committee. we made. we meet at 230 club for our inaugural event. the sad thing here as i come from the practical world. we've got a couple other business people in the caucus now adding two or three. to be honest, most people this doesn't even register. these are big numbers. it will be the true national security issued on the road if we don't take care of it. stuart: it doesn't matter. that's the truth. senator, always a pleasure. thank you for being on the show. venezuela's opposition leader who want guaido, the stresses on zero at the end. -- to take away maduro's oil
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money. he says he has talked -- she's telling him, stopped robbing the people of venezuela. either way tonight on fbn, trish regan will sit down with guaido for a one-on-one interview 8:00 p.m. on trish reagan prime time. that is must-see television. congresswoman maxine waters in charge of the house financial services committee. she's gone right after wall street. up next, we'll talk to the head of the american bankers association. ♪
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>> the congressional budget office says the u.s. government shut down wiped out $11 billion in economic activity. larry kudlow excuse that number. here's what he told maria bartiromo earlier this morning. roll tape. >> with respect once again i don't think were going to lose anything. completely temporary. we believe the economy is growing at 3%. by the way for 2018 have scored
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3.1%. we'll at the rest of those numbers in a week or two. the cbo does not. they've never given us credit for lowering taxes and regulations.
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stuart: officials in canada say they have received a formal request to extradite executive
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meng wanzhou. this comes ahead of the trade talks between america and china which begin tomorrow. important timing there. i would craft brewers feel any pain from the government shut down? apparently they do. hillary bond is a brewery in california. reporter: hi, stuart. every new label that she put on has been closed. workers have been out of the office for 35 days during the government shutdown and now there's a major backlog of waiting to get approval from everything from a new beer recipe to the label they put on to the expansion across the country. the big problem is the senator from colorado says a lot of these companies are missing out on thousands of dollars while they wait and try and get these approvals through. if you show it to the grocery
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store, it may not be there if these breweries can get the approvals in time. there are some in colorado that authority made it in there concerns that could spoil while they're waiting to sign off on this new beer. stuart: i have some friends that will be truly appalled at your report. let's get serious. maxine waters is now the chair of the house financial services committee. she's vigorously anti-bank. our next guest is not worried. the president, the american bankers association. you've got a smile on your face. maxine waters is going to drive you guys in front of her committee come and make you raise your right hand and humiliate you. and you're not worried? >> i'm optimistic that thank you for having me on here. the banks have a really good story to tell about what has
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happened the last 10 years in terms of capital and liquidity and all the things they've done to make the financial system more safe and sound. also, we are not naïve to the fact that there is partisanship in washington. you are correct. however, republicans, democrats come together. the ranking republican on the committee just passed a bill with regard to financial fraud and insider trading and a couple other things as foundational observations you have mike crapo with the history of bipartisanship, which we think is positive in a couple of issues that are ripe for bipartisan cooperation. data security and possibly gse reforms. we will have our work cut out for us. >> there are some positives
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here. i understand that. it's not all a negative story. but it does maxine waters and the radicals on that committee, alexandria ocasio-cortez, shoes on that financial services committee. they really distressed banks. they blame you for what happened in 2008. they do not like reforms which have been rolled back to the trump administration. my question is this. does their committee have the power to reimpose onerous regulations on the banking industry? >> that's a great question. i don't think we'll see that from the committee. you have to have the senate banking committee participate in the dialogue. stuart: will it just be then bad pr. with their hands up like this, just having a go at you. is that the limited the damage? >> what she'll see where banking sector participants are they are
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in the house financial services committee. will focus on substance in all the things we've done to make it more safe, secure, stable. yes, might there be some fear in washington? certainly. to your point. also folks right down the middle and some folks have a free market enterprise does. we're going to try to engage all of them, which is our role here at the american bankers association. we are going to keep doing it in this congress. stuart: rob nichols, thank you for joining us. we hear a lot about data breaches. identity fraud is already a growing problem. more business than people expect good. we will talk to the company behind that report. any way to stop that kind of
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stuart: there is a new report from experian, the credit monitoring people in that found that identity fraud among businesses is increasing. joining us now is steve wagner, his experience global managing
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director of decision analytics. can you give me any numbers on how much is increasing? >> global fraud is a concern from everyone in our study. we did a study with 10,000 consumers. 1000 large-scale businesses in 21 countries around the world. more than 50% of the businesses said they are concerned about increasing fraud or investing in fraud prevention are spending more time and energy making sure they look at this and solve it and create good solutions for the consumer. stuart: businesses are worried about i.d. theft. how do you combat it? have you stop this growth? >> the most interesting thing that came under the daddy was the idea that consumers also are very interested. if you ask a consumer, what are your biggest concerns in terms of doing business. what makes them happy? number one is semi-secure a
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number two is how convenient is this interaction. those two pillars, what the study produced and shows his convenience and security are the two pillars part of the answer to how to get this. would you want me to do? i don't want to have my identity stolen. what do i do? >> i'm mostly talking to the providers. what consumers are saying is when they come into an environment, they feel better. if you're a financial institution someone with information you want to protect, what is it that's going to make them feel good? turns out passwords make them feel good.
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hence, push notifications actually make consumers feel better. they feel like they're in a secure environment. stuart: that's the one where if i want to get into my bank account, they send me a text message with the blocking device. that does make me feel more secure. >> that's right. what really pops for consumers and makes them feel much more secure is that they have transparency and the interaction. 70% of consumers surveyed said they'd be like to give additional information that will lead to greater security. stuart: we've got to go. i'm terribly sorry, but we'll have you back soon. more "varney" after this. clear,s about potential investment opportunities in real time. fidelity. open an account today. during the fall, everyone who has medicare may be eligible to choose a new medicare health plan. but you may be able to
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trish regan's interview with juan guaido the venezuelan opposition leader live tonight on this network, 8:00 p.m. eastern. my time is up. neil, it is all yours, sir. neil: thank you very much, stuart. looking forward to that interview later tonight. around that time we could be dealing with some very frigid temperatures, certainly gripping the midwest, east coast, looking at snow. right now 250 million in the path of a monster that is known more for the cold than any snow. for example, in chicago it is colder than it is in antarctica. to fox news mead roll exist adam klotz with the latest. what are we looking at? >> neil, it is two-parter, cold cold weather this is true cold front behind it. that is where the cold air is and we see the numbers really drop behind it. as this system

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